M&M shares hit 52-week high on bourses

New Delhi: Shares of Mahindra & Mahindra (M&M) on Wednesday hit its 52-week high levels on the bourses and settled for the day with over 10 per cent gains.

After opening in the green territory, shares of M&M touched its 52-week high of Rs 709.80 on BSE during the day. It closed at Rs 705.60, up 10.76 per cent. Similar movements were witnessed on the NSE as well, where the stock touched its 52-week high of Rs 709.95 during the day. The scrip finally ended the day at Rs 705.05, registering a gain of nearly 10.64 per cent. "The company's Farm Equipment Sector (FES) will manufacture a new tractor series called the 'K2', exclusively at the company's tractor manufacturing facility at Zaheerabad in Telangana," M&M said in a release on Tuesday.

Traders said there is likely to be higher demand for tractors amid bullish agriculture outlook and this has buoyed investor sentiment. The new series will enable Mahindra to introduce products across four new tractor platforms, in the Sub Compact, Compact, Small Utility and Large Utility tractor categories, covering 37 models across various HP points. The new series will cater to domestic as well as international markets including USA, Japan, and South East Asia, the company said in a regulatory filing. Besides, K2 will bring incremental investments of Rs 100 crore into Mahindra's Zaheerabad facility and double employment in the tractor plant by 2024. PTI